Fed Reserve cuts rate by another 0.5%

FOMC announced to have another 0.5% rate cut after the meeting. It¡¦s the third rate cut this year, and the accumulated cutting range is 1.5%. FOMC indicated in the announcement that Fed Reserve must pay close attention to the sharply changing economic situation, which implied Fed Reserve should prepare for another rate cut if necessary. Next meeting of the commission will be held on May 15.Dow Jones plummeted by 238.35 pts, or 2.39% to close at 9720.76 pts yesterday. Nasdaq dropped 4.8%, or 93.74pts to close at 1857.44 pts.

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